All Forum Posts by: Todd Groom

@Mark Przybysz I’m tired of the calls. And like I can almost be ok with a call one time. I’m nice and tell them I’m a buy and hold and never sell. What I hate is when the same person calls me every week. And I tell them over and over I’m not selling. That’s when it gets annoying.

A lot of people’s 1031’s are running out and they are pushing the prices up. I know that’s one reason I’ve seen people doing it. There’s nothing to buy at their price range. Making zero money is better than loosing hundreds of thousands to taxes. A big investor told me he’s got millions in 1031 money and clock was ticking.

Another I had read about is on the west coast the Chinese are parking their money in homes. Overpaying just to put it somewhere like a bank account. Not sure how true but had read about it in a report.

Here in Tampa we are overpaying but it’s still with in our requirements. 2 times now we have over Bid around $5,000 over a property with multiple offers. But still had a 12-15% cash on cash return and 25% equity so it’s worth it.

It’s a really crazy market.

@Ayobami O. Well it worked in Florida. They said they had so much feedback from landlords he changed the law. Now we can evict if they can’t show proof the virus caused loss of income.

We found a deal. It hit MLS yesterday morning. I ran numbers and it came out at a 20% COC return. I knew this deal would go fast by 12pm they already had people walking it. My agent jumped on it ASAP got the info had us in there by 3pm. And boom it not only had a full price offer but had a second on the way plus ours.

Info - 2/1 duplex block structure one unit fully remodeled one older. One unit $300 under market and the one vacant has a tenant ready to move in full market.

The question is, how high would you go over asking in a bid war?

And how high would you go over appraisal value?

Would you even care about appraisal and run off of cash on cash return alone?

Our current offer we are planing will be $6k over full ask. But that still leaves us at a 18% or so cash on cash return. It’s a home run but st what point do you stop?

Thanks!

@Bernardo Tancredi did you happen to find any solid contractors? Looking for a GC for a vid coming up and haven’t worked with any full time yet.

The eviction ban in Florida has changed. Now landlords can evict tenants who have not lost income due to covid-19 and are just choosing not to pay. Also the mortgage on this property is private and not federally backed. So no eviction protection exist for this tenant we know of.

We have a tenant with an odd situation. Without writing a book this person has chosen to abandon the lease instead of paying back rent. He moved a homeless woman and her 5 kids in the apartment in exchange for sex. Then when she refused he got mad and stopped paying rent. She’s on the lease along with her kids. She’s had more than 3 months notice he’s moving out. Now she seems like she may put up a fight. So while he’s packing and moving we have decided to start the eviction process so by the end of the month we will hopefully be at that point. Both of these adults are just abusing and trying to work the system. I felt bad at first and tried to help them but now they are just taking advantage of us. Not only is he a pretty terrible person for abusing a woman he’s also commuting social security fraud and we want him out. She’s also just hoping to squat and get a free place to live. Also this tenant broke the agreement to maintain the buildings in exchange for drastically reduced rent. This was an inherited tenant and agreement not ours.

I was hoping someone here knows the Florida eviction for non payment process and could just check and make sure we are taking the proper steps.

From what I've read first is a 3 day pay or quit notice. Followed by a 5 day notice. Then at that point we file with the clerk. Just want to confirm these steps and anything we need to do. We are not an LLC so shouldn't need an eviction Attorny.

Thanks for any help.

Seeing if anyone is interested in putting together a template that could be sent to state governors and the white House on the evictions bans. Come up with a better plan for evictions than the current blanket bans. Then everyone could use this and mail a copy to their local representative at both levels of government.

The current bans are terrible. In Florida alone you’re not allowed to do anything. No late fees, no eviction fees, no evictions, nada. Doesn’t matter if they lost income or not. It’s not right to hand over so much power to tenants who abuse the system. And now tenants are just planing on terminating leases once they have to start paying again. We have 50% paying when ever they feel like it. And being aggressive when reminded because they know there’s nothing anyone can do. They have already researched everything. I know a few fellow landlords that own buildings near ours also in the same situation.

This needs to change to only people in need.

Whoever is still interested in a Mastermind group shoot me DM. Maybe we can meet online next Sunday or pick a day where those who want to be a part know they are free every week or month at the same time. I know there are a few things I'm needing help with one being a person good with tax planning, asset protection, and business set up. It will also give some time for those involved to think of what they want out of the group, what their weaknesses and strengths are, and more. I will respond with my personal email as I can not post it here due to rules. Thanks

@Thomas Enright I want to say 90-120.

@Carlos Garcia welcome to Tampa.